Page 33 - Waterfall_Issue 2_Feb_2022

s hanaaz Trethewey, CEO Unfortunately, the landlord did not

have documentation that could be
of RentMaster, shares the
risks associated with the
he was not on the lease at all.”
separation process and her enforced against this individual as
top insights on how to navigate
these sensitive times swiftly, “Of course, there are always legal
empathetically and accurately. remedies, but they mean lengthy,
costly and draining months of legal
teNaNts back and forth where you cannot get
update your lease another tenant into the property and
immediately earn the income you were counting
As a tenant, if you vacate the on. Since neither of these parties
property, the lease must be updated updated the documentation, all
immediately to absolve you of any arrears had to be recovered from
legally binding agreement you made the partner who signed the lease
to pay the rent. If you don’t update but had moved out. As unfair as
the contract to exclude you and your Shanaaz Trethewey, CEO of RentMaster the situation seems, at the end of
ex doesn’t pay rent, there is a chance the day, the legal documentation
that, as the leaseholder, you could is what is enforced,” says Shanaaz.
be blacklisted. Updating the lease consequences of their bad decisions
directly with the landlord or property that are reflected in their records, rental Income
company will protect you from being by not signing the lease themselves. If you have changed the ownership
legally bound to pay rent or damages To avoid any surprises, make sure of your investment property, as a
on a home you no longer occupy. that all legal adults (18 years or landlord, you need to understand
that the rental revenue and
older) living on your property are obligations belong to the party
Know who you owe contracted and have signed the lease.
Knowing who you are legally This is fundamental, as it allows or parties to whom the property
contracted to pay is equally for legal action to be enforced on is registered. But be aware that
important. If, for instance, there is a all parties living on the property. registration could be subject to trust
change in ownership of the property They can then be held equally deeds, or settlement agreements.
or a change in bank accounts when accountable for the settlement of
joint landlords change their own the obligation mentioned in the Property owners also need to
relationship status, you need to make lease agreement, and be included be clear on what is listed on the
sure you are paying the right person. in any eviction processes if they deed and update it immediately
Making this clear in the contract become necessary. While it may be should there be changes to trusts,
makes it easier for the channels of tempting to contract with only a beneficiaries or any recipients of the
communication to remain open and primary contact to ‘keep it simple’ returns associated with the property.
a solid flow of where the money the reality is, neglecting to contract Changing legal documents such
is routed to be established. all parties leads to legal battles that as trust deeds unilaterally can be
considered fraudulent and can result
are anything but simple, especially if in criminal charges for landlords who
LaNDLorDs it involves a couple that has split up. receive rental that is not legally theirs.
sign up all your tenants
As a landlord, there is always the Shanaaz explains, “We have seen Going through these levels of
chance that you can be defrauded, a case where there was a lease scrutiny to ensure that you are not
so it is extremely important that you signed with one partner and post open to these risks as tenants or
put your tenants through a thorough break-up, the unsigned partner landlords may seem unnecessary
vetting process. Some individuals was left in occupation, without the in the midst of a dream marriage or
may be trying to dodge the ability to keep up full payments. relationship but these risks are all
too real. Sad as it may be, planning
“Knowing who you are legally contracted for the worst and trusting that
the best happens is a far greater
to pay is equally important.” strategy for long term happiness
than being duped or dumped.

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